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Russian economy shrinks by 2.8% y/y in February

MOSCOW, March 19 (Reuters) - Russia’s gross domestic product (GDP) fell 2.8% year-on-year in February, the economy ministry said on Friday, compared to a drop of 2.2% year-on-year the previous month.

After shrinking 3.1% in 2020, its sharpest contraction in 11 years, Russia’s oil-dependent economy is set to recover to pre-crisis levels by the end of this year, the central bank said on Friday while raising interest rates. (Reporting by Maxim Rodionov and Darya Korsunskaya; Writing by Andrey Ostroukh and Polina Ivanova; Editing by Chris Reese)

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